COMMUNITY TRUST BANCORP INC SAVINGS PLAN Contribution & Employer Match
How COMMUNITY TRUST BANCORP INC Supports Your Retirement Savings
COMMUNITY TRUST BANCORP INC provides retirement savings benefits through COMMUNITY TRUST BANCORP INC SAVINGS PLAN. Understanding your employer’s contribution structure is essential — it directly affects how quickly your retirement nest egg grows. Below you will find the plan’s average account values and contribution patterns based on publicly filed data.
COMMUNITY TRUST BANCORP INC SAVINGS PLAN Average Participant Retirement Account Value
COMMUNITY TRUST BANCORP INC SAVINGS PLAN Estimated Average Employee Contribution Amount
396,509.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 6,195.00 in COMMUNITY TRUST BANCORP INC SAVINGS PLAN, assuming a 10%* annual return.
* Data are from public filings.
Employer Match in COMMUNITY TRUST BANCORP INC SAVINGS PLAN
An employer match is one of the most valuable benefits in any 401(k) plan — it is essentially free money added to your retirement savings. Your employer contributes additional funds based on a percentage of your own contributions. Missing out on the full match is one of the most common and costly retirement mistakes employees make.
COMMUNITY TRUST BANCORP INC SAVINGS PLAN Total Employer Contribution and Match Rate
COMMUNITY TRUST BANCORP INC SAVINGS PLAN Estimated Average Employer Match
Investing in this additonal $1,287.00 for 20 years would give you extra $82,429.00, assuming a 10% annual return.
* Data are from public filings.
Are You Leaving Dollars on the Table?
If you are not contributing enough to capture the maximum employer match, you are literally turning down part of your compensation. For many plans, this can mean thousands of dollars per year in lost employer contributions — money that would compound over decades.
Use the policy details and calculator below to find out exactly how much you need to contribute to capture every dollar of employer matching.
COMMUNITY TRUST BANCORP INC SAVINGS PLAN Contribution & Match Policy
COMMUNITY TRUST BANCORP INC SAVINGS PLAN Contribution, Match and Other Plan Policies
- A participant may elect to make voluntary contributions, through payroll deductions, to the Plan as deferred compensation contributions.
- For 2024 and 2023, the maximum limit on deferral contributions was $23,000 and $22,500, respectively.
- Participant’s age 50 and over may also make catch-up contributions up to a limit of $7,500 for 2024 and 2023.
- During 2024 and 2023, CTBI made matching contributions per payroll period equal to 50% of the first 8% of each participant’s deferred compensation contributions, not to exceed 4% of such participant’s compensation.
- Participants are immediately vested in their voluntary contributions plus earnings thereon.
- Vesting in CTBI’s contribution portion of their accounts is 100% in cases of normal retirement at age sixty-five, death or total disability.
- If a participant’s employment ceases for any other reason, the full value of his account is payable to him if he has completed at least 1,000 hours or more of vesting service for three plan years.
2025 IRS 401(k) Contribution Limits
The IRS sets annual limits on how much you and your employer can contribute to a 401(k) plan. Knowing these limits helps you maximize tax-advantaged savings. Here are the current limits:
| 2024 | 2025 | |
|---|---|---|
| Employee elective deferrals (pretax + Roth) | $23,000 | $23,500 |
| Employee + employer contributions combined | $69,000 | $70,000 |
| Catch-up contributions (age 50+) | $7,500 | $7,500 |
| Enhanced catch-up (ages 60–63, SECURE 2.0) | N/A | $11,250 |
The power of maxing out: If you contribute the full $23,500 annually for 20 years at a 10% average annual return, you would accumulate approximately $1,505,256. If you can maximize the combined employee+employer limit of $70,000 per year, that grows to roughly $4,480,385 over the same period — more than triple.
Use the 401(k) Savings Calculator to model your specific contribution scenario and see how your savings can grow over time.
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